August manufacturing output remained on the wrong side of positive growth for the fifth consecutive month, according to the new edition of the Manufacturing Report on Business, which was issued today by the Institute for Supply Management (ISM).
The report’s benchmark reading, the PMI, at 47.2 (a reading of 50 or higher indicates growth), while inching up 0.4% over July’s 46.8 reading. July was off 1.7% compared to June’s 48.5 reading. The May PMI was at 48.7, which was down 0.5% from April’s 49.2. April was off 1.1% compared to March’s 50.3 reading. March saw growth after a 16-month stretch of contraction—that was preceded by a stretch of 28 consecutive months of growth. ISM added that the PMI has not seen growth in 21 of the last 22 months, with the overall economy growing, at a slower rate, for the 52nd consecutive month.
The August PMI is 0.9% below the 12-month average of 48.1, with March’s 50.3 marking the high over that period, and November 2023 marking the lowest, at 46.6.
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